Oil

[alley]

The light sweet crude markets had a very solid day on the Friday as the market bounced off of the $95 support level. This may have partly been in reaction to the speech by Federal Reserve Chairman Ben Bernanke in Jackson Hole, Wyoming. He did in fact suggest that the Federal Reserve could not rule out purchasing more bonds. Because of this, commodity traders began to bet on inflation. This of course helps the value of oil, just as it did many other commodities.

On a break of the highs from the previous week, we would be breaking the top of the shooting star from the weekly timeframe. This is an excellent buying signal as far as we can tell, and as such we would be doing so at that point. As for selling, there are far too many support levels below in order to do that.

[oil_trader]

the price of oil is now at the upper half of the bolinger band's area. it moved up during the Friday with a strong points and it might also move up during today's trading. however, if we want to take other perspective, we can see that the price already hit the upper band during Friday so it might be a sign to go down.

[Jobs]

Oil all the way as predicted fought off the 94.50 level and successfully went to the north ... as the trend now on tool mainly to the north that is what I wait for the next week marks 98 dollars a possible rise ....

[alley]

Higher Risk Markets Under Pressure Ahead of Bernanke

October crude oil futures are under pressure after Hurricane Isaac spared oil-refining areas from damage. The hurricane has been reduced to a tropical storm and it appears that refineries are set to resume shortly their production schedules. Speculators are also paring their positions that were put on ahead of the storm, helping to drive down prices. Also traders are talking about the possibility of the release of oil from the government�s strategic reserve. This move is supposed to help reduce gasoline prices which are skyrocketing, but the opposition feels that it is politically motivated.

Technically speaking, the October crude oil contract is setting up for a break to $92.75. This price represents a 50% correction of the $87.20 to $98.29 range.

[ashaab]

The short term trend of the Oil is to the upside. Intraday trading range of the Oil is expected among key support at 92.45 and key resistance at 96.80. Based upon my chart analysis, I prefer to selling the Oil around 95.40 with targets 93.25 then 92.45 and stoploss with four hour candle closing above 95.95.

[Emma]

Oil is still made ​​by their sloping and broke the support level, the price is trading within Ichimoku cloud, while from further decline still save 94.85 level, which at the break and I selling.

[Jobs]

It looks like oil takes a break on the good strong movement began to form the channel down to 4 hour schedule, so while I think prices will move in a wide 94.50-98.00 channel ... so that's indicators went down ... so I think that is now moving to 94.50 ....

[Emma]

Just buy more oil, the time schedule is clearly visible sloping below which the price is not, + couple is not fulfilled signal south Ichimoku until my goal is the resistance level 97.90.

[ashaab]

The short term trend of the Oil is to the upside. Intraday trading range of the Oil is expected among key support at 93.00 and key resistance at 97.30. Based upon my chart analysis, I prefer to stay aside from the pair until we get a confirm setup for the upcoming big move.

[Tyler7]

Oil is traded in a bearish channel, the price went up to the top of the dense its borders until the level from which you can expect a reduction 96.50 for it, I put my feet .. goal until 96.00.